As announced on 30 April 2020, GAM Holding AG has entered into a share buy-back programme that is designed to purchase shares on the ordinary trading line to cover share-based payments and to purchase shares on the second trading line designated for cancellation.
The maximum buy-back volume has been fixed at 16 million shares over a maximum period of three years.
The maximum buy-back volume per day according to art. 123 (1) (c) of the Financial Market Infrastructure Ordinance (FMIO) amounts to 414,261 shares.
The buy-back of registered shares of GAM Holding AG to cover share-based payments are carried out on the ordinary trading line.
The buy-back of registered shares of GAM Holding AG for the purpose of cancelling shares is carried out on a second trading line at the SIX Swiss Exchange by using a specific security number and ticker symbol. GAM Holding AG acts as sole buyer on this trading line.
All transactions on the second trading with the purpose of capital reduction are subject to the Swiss federal withholding tax. 50% of the difference between the repurchase price of the shares and the par value of CHF 0.05 will be subject to the Swiss federal withholding tax of 35%. The tax is directly deducted from the repurchase price and remitted to the Swiss Federal Tax Administration.
Persons domiciled in Switzerland may claim reimbursement of Swiss Federal withholding tax according to art. 21 of the Swiss Federal Law on Withholding Tax.
Persons domiciled outside Switzerland may reclaim Swiss Federal withholding tax subject to the provisions of the relevant Double Taxation Agreement